Scottish workers dream of running their own business

Seven in ten workers in Scotland would like the freedom to run their own business one day, according to new research.

Published:10:00Saturday 05 November 2016

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Seven in ten workers in Scotland would like the freedom to run their own business one day, according to new research.

This works out as 69 per cent of employees north of the border wanting to run their own company, as discovered by figures from St. James’s Place Academy, the training and development arm of the FTSE100 financial services company. In terms of the most attractive things about running a business, 47 per cent of respondents thought having a better work-life balance in terms of more control/setting their own hours would be the best thing.

A further 25 per cent thought that better job satisfaction would result, 18 per cent believe they could increase their earnings and nine per cent like the idea of working from wherever they like.

When it comes to perceptions of what might be the hardest thing about running a business those in Scotland think that managing the finances would be the toughest challenge (33 per cent) followed closely by attracting customers (32 per cent).

Roughly equal numbers thought that long hours (17 per cent) and stress (11 per cent) would be the hardest thing to deal with.

Adrian Batchelor, director at St. James’s Place Academy, said: “It’s great news to see those in Scotland are passionate about the prospect of working for themselves and that the entrepreneurial spirit is still very much thriving in Scotland.

“The St. James’s Place Academy provides a structured training programme designed to support individuals looking to start their own business with the support of St. James’s Place Wealth Management brand, helping clients to manage their finances and plan for better financial futures. We provide training, financial support, advice and the St. James’s Place brand to Academy Partners, who go on to build extremely successful businesses in their own right.”

“As the future of our success depends on a steady stream of people wanting to run their own business to join the Academy, we’re relieved to discover that the entrepreneurial spirit is alive and kicking in Scotland.”

Other significant findings of the research included: 26 per cent of respondents said a loss of income would deter them from running their own business, whilst 20 per cent said a fear of failure; Respondents were more likely to change their mind about running their own business if 42 per cent had more financial certainty whilst 15 per cent would want access to support and advice and nearly two thirds (63 per cent) were more likely to set up their own business using the support and infrastructure of a larger company.